Central Bank to monitor banks’ use of mortgage arrears code of conduct

The Central Bank are going to be closely monitoring how the new code of conduct on mortgage arrears is used by banks and expect to see a significant increase in restructuring within weeks.

Addressing the Irish Bankers Federation, Central Bank director of consumer protection Bernard Sheridan said that due to the worsening state of the mortgage crisis they have set targets for the number of mortgages to be restructured.

“While it is clear that lenders have put in place forbearance arrangements for many borrowers, the level of long-term restructures remains very low.